Ailing fashion chain Abercrombie & Fitch said Monday that it broke off talks with potential buyers and will instead try to steer itself onto a sustainable path.

The mall retailer abandoned plans to consider a sale about two months after entering "preliminary discussions with several parties." The company did not reveal any details about the deal it was pursuing.

Disappointed investors drove the company's stock down 14.5% to $10.40 in pre-market trading.

Abercrombie executive chairman Arthur Martinez said in a statement that the company would pursue "rigorous execution of our business plan."

"We believe in the prospects for our business and the opportunities for our brands," he said, pointing to "solid" same-store sales growth at the company's Hollister stores and strategies to revitalize its namesake brand.

The company plans to focus on investments in marketing, improving its digital presence and "operational efficiencies." Abercrombie is also pursuing a new store concept with "suite" fitting rooms, transparent storefronts and an easier checkout experience.

Caught off guard by the rise of fast-fashion retailers, such as H&M and Forever 21, and discount chains, such as T.J. Maxx and Ross stores, Abercrombie has stumbled in recent years. Online competition and declining mall foot traffic have been brutal, as well.

Similar trends have recently ensnared several other mall fashion chains, including True Religion, Aeropostale, Rue21, Bebe, The Limited and Wet Seal.

Sales at Abercrombie stores open at least a year tumbled 10% in the quarter ended April 29. Sales at Hollister stores rose 3%.